--000000000000624c88060df94d90 Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable Sent back the signed LOI last week. I think Kirk was waiting to hear back from the landlord. Thanks On Tue, Jan 2, 2024 at 8:44=E2=80=AFAM Timothy Thomas wrote= : > Good morning and Happy New Year! > > Any developments with the negotiations? > > On Mon, Dec 18, 2023 at 3:17=E2=80=AFPM Timothy Thomas wr= ote: > >> Hi Kirk, >> >> I'm good with the suggested changes. Thanks! >> >> On Mon, Dec 18, 2023 at 8:31=E2=80=AFAM Baylis, Kirk @ Toronto DT > Kirk.Baylis@cbre.com> wrote: >> >>> Madonna and team, >>> >>> >>> >>> Please see attached for the landlord=E2=80=99s counteroffer. Their key >>> revisions: >>> >>> - Removed the 3 months of in-term free rent and moved this to 3.5 >>> months of =E2=80=9Cout of term=E2=80=9D free rent. >>> - Moved the possession date to Jan 15th as the lease process and >>> installing carpet can take a few weeks. >>> - This means we take possession Jan 15th with rent free occupancy >>> until May 2024. During this period, the tenant will have pay to hydr= o which >>> is approx. $1.50 per Sq. Ft. per annum. >>> - Lease term (3 years) May 2024 =E2=80=93 April 2027 >>> - They increased the rental rates =E2=80=93 this was expected, and w= e are >>> still well below the asking rate of $25.00 in Basic Rent. >>> - Monthly rent breakdown: >>> - Year 1 $4,328.66 >>> - Year 2 $4,395.72 >>> - Year 3 $4,462.79 >>> >>> The second attachment is my suggested counter. I made three revisions: >>> >>> - 50 Cent decrease in the rental rates. >>> - Carpet to be installed on a binding agreement to lease, to ensure >>> we gain possession on Jan 15th. >>> - Decreased the irrevocable period to 5 days, so we can have a deal >>> by EOW. >>> >>> >>> >>> Please note, this deal is conditional subject to us waiving our >>> =E2=80=9Ctenant=E2=80=99s condition=E2=80=9D and the landlord reviewing= tenant financials to >>> fulfill their =E2=80=9Clandlord=E2=80=99s condition.=E2=80=9D >>> >>> >>> >>> Once both conditions have been waived, the deal is firm and binding and >>> the landlord=E2=80=99s lawyers will then draft the formal lease. >>> >>> >>> >>> Please let me know if you have any questions or comments. Otherwise, I >>> can send a clean PDF edit for signature. >>> >>> >>> >>> We can also set up a call to discuss if that is preferred. >>> >>> >>> Regards, >>> >>> Kirk >>> >>> >>> >>> *Kirk Baylis* >>> CBRE Limited | Leasing & Investment Services >>> 145 King Street West, Suite 1100 | Toronto, ON M5H 1J8 >>> C +1 647 923 9243 >>> *Kirk.Baylis@cbre.com * >>> >>> *Sales Representative >>> >>> >>> >>> *From:* Madonna Borger >>> *Sent:* Thursday, December 14, 2023 4:47 PM >>> *To:* Baylis, Kirk @ Toronto DT >>> *Cc:* Cheryl Cartwright ; Fuller, Lauren @ San >>> Diego ; Timothy Thomas >>> *Subject:* Re: Toronto Office Space >>> >>> >>> >>> *External* >>> >>> >>> >>> Thank you >>> >>> >>> >>> On Thu, Dec 14, 2023 at 12:55 PM Baylis, Kirk @ Toron